#FatCatTuesday: The day when your boss might earn more than you do in 2016

It’s Fat Cat Tuesday, the time of year when your boss might just make more money in a day than you will over the course of 2016.

The typical chief executive of a FTSE 100 company took in just under £5million in pay and benefits last year, and research shows that if this trend continues they will have earned more by mid-afternoon today than a UK worker on £27,645 – the national average – will be paid for the whole year.

Think tank the High Pay Centre said we were not ‘all in this together’.

‘Fat Cat Tuesday again highlights the continuing problem of the unfair pay gap in the UK,’ said director Stefan Stern.

‘Over-payment at the top is fuelling distrust of business, at a time when business needs to demonstrate that it is part of the solution to harsh times and squeezed incomes, and is promoting a recovery in which all employees can benefit.’

The £4.96million package FTSE 100 CEOs took in less year worked out at £1,200 per hour worked, taking into account 12-hour days, frequent weekend work and short holiday absence.

Contrast that with the national minimum wage of £6.70 for over-21s, or the national living wage of £7.20 for over-25s, which will come into force in April.

According to the latest figures the richest 10 per cent hold nearly half of all the wealth in the UK. The richest 1 per cent are worth £1.4trillion, or around £400billion more than the poorest 10 per cent.